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If you prefer a traditional banking experience, Citi and Wells Fargo are two national brick-and-mortar banks you might be considering.
We’ve compared each bank’s savings account, checking accounts, and CDs so you may see if a particular institution might be better suited for your needs. We’re also looking at how each bank’s recent history so you can gauge their trustworthiness.
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- Citi® Accelerate Savings
Wells Fargo Way2Save® Savings Account
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Citi, Member FDIC
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Wells Fargo, Member FDIC
Citi Pros and Cons
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Wells Fargo Pros and Cons
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Citi vs. Wells Fargo Checking Account Comparisons
Below, we’ve compared each bank’s low-fee checking accounts.
| Citi Access Account | Wells Fargo Everyday Checking Account | |
| Minimum opening deposit | $0 | $25 |
| Monthly service fee | $10 or $0 | $10 or $0 |
| How to waive the monthly service fee | Check off at least one of these requirements per month:
| Check off at least one of these requirements per month:
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| Sign-up bonus | None | $300 |
| Next steps | Learn More | Learn More |
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Annual Percentage Yield (APY)
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Citi Access Account
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Citi vs. Wells Fargo Savings Account Comparisons
Citi and Wells Fargo both have two types of savings accounts. We’ve compared the Citi® Accelerate Savings to the Wells Fargo Way2Save® Savings Account since these accounts are available in most states and have similar monthly service fees.
| Citi® Accelerate Savings | Wells Fargo Way2Save® Savings Account | |
| APY | 4.05% (vary by location) | 0.15% |
| Minimum opening deposit | $0 | $25 |
| Monthly service fee | $4.50 or $0 | $5 or $0 |
| How to waive the monthly fee | Fulfill one of the following criteria monthly:
| Fulfill one of the following criteria monthly:
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| Caveats |
| None |
| Next steps | Learn More | Start Saving |
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Citi® Accelerate Savings
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Citi vs. Wells Fargo CD Comparisons
Citi also has speciality CDs like step-up CDs and no-penalty CDs. Meanwhile, Wells Fargo also has a Wells Fargo Special Fixed Rate CD that pays 4.25% to 4.51% (vary by location) APY.
| Citi Fixed Rate CD | Wells Fargo Standard Fixed Rate CD | |
| Term lengths | 1 month to 10 years | 3 months to 1 year |
| Minimum opening deposit | $500 | $2,500 |
| APY | 0.05% to 4.75% | 0.50% to 2.51% |
| Early withdrawal penalties | 90 to 180 days interest | 3 months interest for all CD terms |
| Types of CDs | Standard CDs, Step Up CDs, and No Penalty CDs | Standard CDs |
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Citi Fixed Rate CD
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Citi vs. Wells Fargo Trustworthiness and BBB Scores
We use ratings from the Better Business Bureau so you may see how a business addresses customer issues.
Wells Fargo received an F rating because it has responded to customer complaints and because there was government action taken against the bank. Citi has an F rating because it’s received a high volume of customer complaints and had government action taken against the business.
A bad BBB rating isn’t necessarily the be-all and end-all. Talk to current customers or read online customer reviews to get a better understanding of whether a particular institution might be right for you.
Both Wells Fargo and Citi have been involved in recent public controversies.
Citi has been in the following public settlements:
- In 2020, the bank was required to pay $400 million in a settlement with the Comptroller of the Currency. The OCC said the bank had inefficient banking practices.
Wells Fargo has been involved in the following cases:
- In December 2022, The Consumer Financial Protection Bureau required Wells Fargo to pay more than $3.7 billion in a settlement that accused the bank of wrongfully charging fees that led thousands of customers to lose vehicles and homes. The settlement also accuses the bank of wrongfully charging overdraft fees on checking and savings accounts.
- In 2021, the Office of the Comptroller of Currency issued a cease and desist order against Wells Fargo that claimed the bank of having an inefficient compliance risk management program.
- In 2020, Wells Fargo paid billions in settlements for its employees creating authorized bank accounts to meet unrealistic sales goals.
Citi vs. Wells Fargo: Frequently Asked Questions
Which is better, Citi or Wells Fargo?
Choosing between Citi and Wells Fargo may depend on the accounts you’d like to open and what you prioritize most in your banking experience.
You prefer Citi if you’re looking for ways to earn more interest on your money. For example, Citi® Accelerate Savings and select Citi CDs pay a higher interest rate than the average savings account or CD. Bear in mind that the Citi® Accelerate Savings is mainly available as an online-only option, though.
If you prioritize a large branch network, you may prefer Wells Fargo. Wells Fargo has the most branches in the US, and is available in more states than Citi.
Which is bigger, Citi or Wells Fargo?
Wells Fargo has a bigger branch network in the US. Wells Fargo has 4,900 locations, while Citi only has 690 branches.
Capital One 360 Performance Savings
Earn 3.90% Annual Percentage Yield (APY) on any balance. FDIC Insured.
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